Casinos Withdrawal Fees Rise (!?)|| October 2020 - page 8.

leea-1334

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Quote from: Reatim on December 03, 2020, 04:15:55 AM

Of course gambling sites won't implement having customize Withdrawal fees because at some point they are also Gaining some funds from our fees.

So each time that there is congestion this is the advantage to collect much higher fee,they are taking small part of our earning from winning in gambling and winning in Pumping.

Because if not then they will stick in the amount required per certain withdrawals.

I do not believe a good casino does this as part of their business model. For exchanges yes, since people can be expected to even make their deposit decisions based on withdrawal fees, but casinos need people to be able to withdraw and enjoy those winnings,,, knowing it makes them return.

I believe most casinos set a higher than needed fee to ensure they always process fast withdrawals, and keep a balance from any fees gained to pay for the same high fees during high mempool.

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Quote from: Finestream on December 02, 2020, 06:34:47 PM

Quote from: shield132 on December 02, 2020, 04:53:42 PM

I think casinos should let us to set custom fees on transactions! This will be the right deal for everyone right now.

I hope so, unfortunately, most casinos does not offer that in their platform, they are the one who set the fee and we just have to choose either low, regular, and priority. With custom fees, we would be able to know how much we would spend for the fee of our transactions, this is very useful especially for mini transactions where we want to avoid high fees.

Of course gambling sites won't implement having customize Withdrawal fees because at some point they are also Gaining some funds from our fees.

So each time that there is congestion this is the advantage to collect much higher fee,they are taking small part of our earning from winning in gambling and winning in Pumping.

Because if not then they will stick in the amount required per certain withdrawals.

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Quote from: Finestream on December 02, 2020, 06:34:47 PM

Quote from: shield132 on December 02, 2020, 04:53:42 PM

I think casinos should let us to set custom fees on transactions! This will be the right deal for everyone right now.

I hope so, unfortunately, most casinos does not offer that in their platform, they are the one who set the fee and we just have to choose either low, regular, and priority. With custom fees, we would be able to know how much we would spend for the fee of our transactions, this is very useful especially for mini transactions where we want to avoid high fees.

That's a good idea but I think they're aware of that concern and it's been a long time since some users have addressed that to a few casino.

But they just can't control the network, that's the reason and answer that they'll give to us.

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Quote from: qwertyup23 on December 02, 2020, 03:51:06 PM

Quote from: carlfebz2 on December 01, 2020, 07:40:54 PM

Recently ive been playing on stake and i can say that they had huge withdrawal fee in BTC. I tried to make some withdrawal and the fee was about 0.0002 which is totally out of this world

where you do try to check the entire mempool situation which the lowest priority does have only 20 sats per byte.So i did make some conversion to ETH.. Arent they making their fee on dynamic ones?

This is to be expected especially that the market is experiencing a bullish run of bitcoin in the past few day. To be honest, expect it to increase further in the upcoming weeks if the price index continues to rise until the last quarter of this year.

Sorry but what is the reason when the Bitcoin and other altcoin Increase higher that the Withdrawal fees also increase when the sites Mostly has a FIX withdrawal fees?isn't it questionable that with 0002BTC fee but when you withdraw if was multiplied even x5?

Quote

My advice would be to withdraw your funds in one go. Avoid withdrawing them on a piece-meal basis since this will cost more in the long run. Hopefully other gambling websites have relatively low transaction fees despite the bullish run.

i Can't do that because when i Gamble i Only take each wins and continue playing with my capital so once its all lose then all the winning will be my take home and thats what i do as strategy to control my self in betting.

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Quote from: coin.princess on December 02, 2020, 04:31:12 PM

Some casinos charge a fee, others don't. That will have to do with which payout method you request. With bitcoin it is unavoidable that a fee has to be paid. A casino can still choose to pay this fee itself.

But most gambling sites will charge a fee to their users who want to withdraw their money, which is normal to see in the casino. The fee itself will be the responsibility of each member who wants to get their money by withdrawing. But members will also have an option to avoid paying a high fee if the bitcoin fee increases. They can use the other coin to withdraw, and although the amount will decrease if they use bitcoin, they still make a profit. They should not be disappointed if that thing happens because they don't have to pay a high fee, and they can convert the altcoin to bitcoin back, or they can hold it for more until that altcoin price increase. I guess they will have many altcoin investment at this moment, so when the altcoin season comes, they can sell their coin at a high price.

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Quote from: AmoreJaz on December 02, 2020, 06:46:16 PM

Quote from: Finestream on December 02, 2020, 06:34:47 PM

Quote from: shield132 on December 02, 2020, 04:53:42 PM

I think casinos should let us to set custom fees on transactions! This will be the right deal for everyone right now.

I hope so, unfortunately, most casinos does not offer that in their platform, they are the one who set the fee and we just have to choose either low, regular, and priority. With custom fees, we would be able to know how much we would spend for the fee of our transactions, this is very useful especially for mini transactions where we want to avoid high fees.

indeed! not many casinos are offering customized fees. and most of them, they have fixed fees. not so many are offering the options of low, regular, or high priority. if theres internal exchange for that casino, you can convert it to other alts like maybe xrp or doge before withdrawal. that is, if they have. i made a list of those gambling sites with internal exchange (need to update for new ones)

Gambling sites with internal exchange

I usually converting BTC to XRP just to save fees and sometimes I think that if the situation will get worse and fees will increase more especially when you are depositing, I'd rather have to stop for a while. I'm not addicted to gambling that it really cares for the fees which are really hurting us, especially for casual players.

Having a customized fee could give the best option even it takes a day or more before it arrives at the destination. But I'm not sure if they are willing to offer that Sad

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Quote from: Finestream on December 02, 2020, 06:34:47 PM

Quote from: shield132 on December 02, 2020, 04:53:42 PM

I think casinos should let us to set custom fees on transactions! This will be the right deal for everyone right now.

I hope so, unfortunately, most casinos does not offer that in their platform, they are the one who set the fee and we just have to choose either low, regular, and priority. With custom fees, we would be able to know how much we would spend for the fee of our transactions, this is very useful especially for mini transactions where we want to avoid high fees.

indeed! not many casinos are offering customized fees. and most of them, they have fixed fees. not so many are offering the options of low, regular, or high priority. if theres internal exchange for that casino, you can convert it to other alts like maybe xrp or doge before withdrawal. that is, if they have. i made a list of those gambling sites with internal exchange (need to update for new ones)

Gambling sites with internal exchange

Finestream

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Quote from: shield132 on December 02, 2020, 04:53:42 PM

I think casinos should let us to set custom fees on transactions! This will be the right deal for everyone right now.

I hope so, unfortunately, most casinos does not offer that in their platform, they are the one who set the fee and we just have to choose either low, regular, and priority. With custom fees, we would be able to know how much we would spend for the fee of our transactions, this is very useful especially for mini transactions where we want to avoid high fees.

shield132

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As I see this thread was created in August. To be fair I don't remember how high were transaction fees back in August. Even if it was high, pre and post quarantine periods were the greatest for casinos, their profit was very high, so it should balance this out but right now, I can't say anything because in some countries there are significantly increased fees on casinos and even some countries seriously take care of antigambling companies that includes prohibiting of casino advertisements in TVs, billboards, etc. That's bad for casinos and their marketing.
I think casinos should let us to set custom fees on transactions! This will be the right deal for everyone right now.

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Quote from: ?? on ??

In some casinos I pay fee 0.0001 btc but in blockchain I see that they paid like example 600 satoshi fee only.May I know why?

IMO it is because the site uses a automatic system based on the current median transaction size.
I experienced it on crypto.games some time ago and I asked about it as well, and here is the information provided by crypto.games:

Quote

Example: I was charged 0.0005 BTC fees for my withdrawal, but the bitcoin transaction sent used a lower fee, why does this happen?
The withdrawal fee charged to a user issuing a withdrawal is the fee for a transaction with the size of 500 bytes (which is the current median transaction size according to tradeblock), in this exemplary case, 0.0005 BTC. The actual transaction sent uses a per kB fee that’s twice the size of your charged withdrawal fee (in this example, 0.0005 BTC are charged, and 0.001 BTC per kB are used). However, if the transaction is smaller than the average, the total fee will be lower accordingly. Likewise, if the transaction is bigger than the average, the total fee will be higher accordingly. In either case, the fee charged to the user will be the same, 0.0005 BTC, as it’s not possible to estimate the size a withdrawal transaction will have before the withdrawal is requested. In any way, the fee you are being charged is always the fee that is shown on the slider (“withdrawal fee”), where you select the fees, and the amount you receive is always the amount shown in the withdrawal popup (“Withdrawal amount after fees”).

Perhaps the casino where you play uses the same system as crypto.games, that's why the fee is for the withdrawal is not the same as what you paid.
I do believe most casinos uses similar system as there is no need for them to pay higher fee while the current network does not requires them to pay higher.

coin.princess

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Some casinos charge a fee, others don't. That will have to do with which payout method you request. With bitcoin it is unavoidable that a fee has to be paid. A casino can still choose to pay this fee itself.

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Quote from: qwertyup23 on December 02, 2020, 03:51:06 PM

Quote from: carlfebz2 on December 01, 2020, 07:40:54 PM

Recently ive been playing on stake and i can say that they had huge withdrawal fee in BTC. I tried to make some withdrawal and the fee was about 0.0002 which is totally out of this world

where you do try to check the entire mempool situation which the lowest priority does have only 20 sats per byte.So i did make some conversion to ETH.. Arent they making their fee on dynamic ones?

This is to be expected especially that the market is experiencing a bullish run of bitcoin in the past few day. To be honest, expect it to increase further in the upcoming weeks if the price index continues to rise until the last quarter of this year.

My advice would be to withdraw your funds in one go. Avoid withdrawing them on a piece-meal basis since this will cost more in the long run. Hopefully other gambling websites have relatively low transaction fees despite the bullish run.

Majority of them will really be depending on networks suggested fees that's why they cant really able to control it unless if they do set out to minimal but to expect that it wont really be confirmed fast that's why they don't really have any choice yet they cant just afford to give out free withdrawal with those high fees yet that would really be costly on their side.
Ive seen only a few gambling sites offering free withdrawal.

Transacting in bulks is much more preferable so that you would be paying up fee in one go and also switching to alts is a good move or choice too.

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Quote from: carlfebz2 on December 01, 2020, 07:40:54 PM

Recently ive been playing on stake and i can say that they had huge withdrawal fee in BTC. I tried to make some withdrawal and the fee was about 0.0002 which is totally out of this world

where you do try to check the entire mempool situation which the lowest priority does have only 20 sats per byte.So i did make some conversion to ETH.. Arent they making their fee on dynamic ones?

This is to be expected especially that the market is experiencing a bullish run of bitcoin in the past few day. To be honest, expect it to increase further in the upcoming weeks if the price index continues to rise until the last quarter of this year.

My advice would be to withdraw your funds in one go. Avoid withdrawing them on a piece-meal basis since this will cost more in the long run. Hopefully other gambling websites have relatively low transaction fees despite the bullish run.

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Quote from: pankowri on December 02, 2020, 05:28:40 AM

For transferring, I mainly use TRX to get faster service. I withdraw my funds from Betnomi which is a gambling sites and there has an option to select which you want. I generally select TRX to withdraw my funds and directly send to Binance. Currently, the fees increased in Eth transaction too. So if you don't want to withdraw now for fees then convert your Btc to another crypto which has lower fees, then go for withdrawal.

if you make bets in TRX or XRP the fees are relatively low and there are no problems with withdrawals. but if you make bets in BTC or ETH the fees are really high and user should think twice before withdrawing small sums.

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For transferring, I mainly use TRX to get faster service. I withdraw my funds from Betnomi which is a gambling sites and there has an option to select which you want. I generally select TRX to withdraw my funds and directly send to Binance. Currently, the fees increased in Eth transaction too. So if you don't want to withdraw now for fees then convert your Btc to another crypto which has lower fees, then go for withdrawal.

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Quote from: Gotumoot on December 02, 2020, 03:11:11 AM

For me it is normal for their withdrawal fee to rise up specially when the transaction fee for Bitcoin is increasing.
I think it is also one of their source of income besides the house edge to ensure their platform would continue.

Now it’s a long time and whenever the price fluctuates too much the withdrawal happens a lot and this is where even the transactions costs goes up and since to make some income all sites do increase the transactions costs. So now can’t do much on such instances and rather accept it and only avoidable circumstances you can ignore, rest we must use it anywhich ways to transfer.

The network get saturated by many transactions that's why the casinos need to act like adding some fee's just to make the transaction smooth since if they will not do that for sure there will be a confusion regarding on withdrawal and might this will cause for other user to blame the casino for stuck up issue for their balances.

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Quote from: Gotumoot on December 02, 2020, 03:11:11 AM

For me it is normal for their withdrawal fee to rise up specially when the transaction fee for Bitcoin is increasing.
I think it is also one of their source of income besides the house edge to ensure their platform would continue.

Indeed. It will be up to us if we still use bitcoin to withdraw because I think the site will have another option of the coin that we can use to withdraw. If that so, we can convert it into another coin with low fees that will use to send the coin. It will help us avoid bitcoin's big fees, and I think we can hold that coin until the price can increase. I suggest selecting only a popular coin such as ethereum, litecoin, doge, trx, eos to convert from bitcoin to altcoin.

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Quote from: Gotumoot on December 02, 2020, 03:11:11 AM

For me it is normal for their withdrawal fee to rise up specially when the transaction fee for Bitcoin is increasing.
I think it is also one of their source of income besides the house edge to ensure their platform would continue.

It is Ok if they will increase but at least they will change the Fix withdrawal fee so Gambler knows how much he will be getting in case of withdrawals.
Like what said above that the amount is 10% of the withdrawn Money in which to high,because what if you need to take a 1000$ then the fee should be 100$?
Better Indicate the fee then we will decide if may continue playing in their site or find another with lower fee,Because this comes as misleading in part of the gamblers.
i don't mean they are cheating the players but this will be the thought if you become one of the player.

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For me it is normal for their withdrawal fee to rise up specially when the transaction fee for Bitcoin is increasing.
I think it is also one of their source of income besides the house edge to ensure their platform would continue.

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Quote from: carlisle1 on December 01, 2020, 11:49:07 PM

This is what i also think that they are using differently 20 sat per byte is far lower than the fee they are taking.

From my experience other casinos that charges a fixed fee does the same thing they don't use all the fee we pay to them. Stake probably use an estimator and one downside with estimators is that it could take time for the fees to adjust if the blocks get delayed just like what happened few hours ago.

Two weeks ago they used a 40 sat/byte fee on my withdrawal and during that time you could easily get confirmation with a 10-20 sat/byte fee.

Topic: Casinos Withdrawal Fees Rise (!?)|| October 2020 - page 8. (Read 6122 times)